The post Far right leads first round of France’s parliamentary election appeared on BitcoinEthereumNews.com.

Marine Le Pen’s far-right National Rally (RN) party is projected to have won 34% in the first round of France’s parliamentary elections on Sunday, initial projections showed, per CNN. Meanwhile, French President Emmanuel Macron’s centrist alliance suffered staggering losses, coming third with 20.3% of the vote. The left-wing coalition of the New Popular Front (NFP) made a strong showing with 28.1% of the vote. According to their projections, the far-right would win between 230 and 280 seats in the National Assembly, leaving it short of the 289 seats needed for an absolute majority. Market players will keep an eye on the second round of elections on July 7. The RN will try to win an absolute majority to run the National Assembly without needing coalition partners. Market reaction to French election 2024 At the time of press, the EUR/USD pair was up 0.20% on the day at 1.0735.  Euro FAQs The Euro is the currency for the 20 European Union countries that belong to the Eurozone. It is the second most heavily traded currency in the world behind the US Dollar. In 2022, it accounted for 31% of all foreign exchange transactions, with an average daily turnover of over $2.2 trillion a day. EUR/USD is the most heavily traded currency pair in the world, accounting for an estimated 30% off all transactions, followed by EUR/JPY (4%), EUR/GBP (3%) and EUR/AUD (2%). The European Central Bank (ECB) in Frankfurt, Germany, is the reserve bank for the Eurozone. The ECB sets interest rates and manages monetary policy. The ECB’s primary mandate is to maintain price stability, which means either controlling inflation or stimulating growth. Its primary tool is the raising or lowering of interest rates. Relatively high interest rates – or the expectation of higher rates – will usually benefit the Euro and vice versa.…

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Filed under: News - @ June 30, 2024 11:18 pm